In January 2024, China's passenger car market showed a booming trend. According to the data of the Automobile Market Research Branch of the China Automobile Dealers Association, the wholesale sales of the passenger car market reached 208 in the month90,000 units, up 44% y/y. This figure shows the overall positive trend of the industry.
The NEV market also showed strong growth momentum in January, with wholesale sales reaching 6820,000 units, a year-on-year increase of 762%。Among them, the sales volume of battery electric vehicles (BEV) was 4040,000 units, an increase of 495%；Plug-in hybrid (PHEV) sales were 2780,000 units, a year-on-year increase of 1379%。This data reflects the growing consumer preference for clean energy vehicles. In the traditional sedan, SUV and MPV markets, sales have also shown a positive growth trend. Among them, the sales volume of sedans was 8720,000 units, SUV sales of 11490,000 units, MPV sales of 670,000 units. The growth of these figures has brought new vitality to the industry.
At the manufacturer level, January's performance was also remarkable. A total of 23 manufacturers reported positive year-on-year sales growth, including well-known brands such as Geely Automobile, Dongfeng Nissan, Dongfeng Honda and FAW Hongqi. Geely took the top spot in terms of sales, while other manufacturers also moved up their rankings. Despite the fierce competition in the market, some emerging brands also performed well in January. In the new energy vehicle, sedan and SUV markets, many off-list products have successfully squeezed into the top 30, demonstrating the diversity and vitality of the market.
In summary, China's passenger car market in January 2024 showed strong growth. All market segments are showing a positive trend, and the competition between manufacturers is also more intense, providing consumers with more choices.